Chatbot Market to Reach Valuation of USD 27.6 Billion by 2030 – Integration of Chatbots with Messenger Applications Drives the Market

In terms of revenue, the Global Chatbot Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 23.5% from 2023 to 2030.

Market expansion is fuelled by Chatbots' growing use in a variety of industries. In e-commerce, Chatbots are used for personalized product recommendations, order tracking, and customer support. In healthcare, Chatbots are assisting patients with appointment scheduling, symptom checking, and accessing medical information. In banking and finance, Chatbots handle loan applications, provide financial advice, and help with account management. The versatility of Chatbots makes them applicable to almost any industry, leading to widespread adoption.

Furthermore, advancements in artificial intelligence (AI) and natural language processing (NLP) technologies have greatly enhanced the capabilities of Chatbots. Modern Chatbots can understand and respond to user queries more effectively, providing a seamless conversational experience. Additionally, they are able to gain knowledge from user interactions and develop over time, becoming more perceptive and precise in their responses. 

Key Highlights from the Report

• Based on Offering, the Solution segment dominates the Chatbot market owing to the increasing demand for virtual assistant improvements in natural language processing capabilities.
• Based on Type, the Standalone segment accounted for the substantial growth of the market in 2022 owing to the easy deployment & quick setup, enhancing customer experience and operational efficiency.
• Based on Medium, because messaging applications are becoming more and more popular and smartphones are becoming more widely used, the Mobile Applications category dominated the market in 2022.
• By Business Function, due to growing need for better client involvement, the Sales and Marketing category experienced the most market growth in 2022.
• By Application, in 2022, the customer services segment accounted the potential growth of the market due to rising client needs for individualized, effective support as well as advantages that save businesses money.
• By Vertical, the Retail and e-commerce segment accounted for the substantial growth of the market in 2022 owing to the surge in online shopping and the increasing popularity of e-commerce and retailers.
• Based on Region, North America holds the significant market share within the Chatbot market in 2022 owing to its technological advancement. 

Market Dynamics

The integration of Chatbots with messenger applications has become more lucrative due to their increasing usage. This is because reaching out to customers on their preferred app improves user experience and leads to a higher return on investment. Furthermore, Chatbots can save and examine chat history thanks to messaging apps, which helps them obtain insightful data and customize the user experience. The latest statistics from Hootsuite on messaging app usage in January 2022 reveal that WhatsApp has 2 billion monthly active users, while WeChat has 1.26 billion and Facebook Messenger has 998 million. Brands can use Chatbots that mimic human conversation to engage with consumers effectively on these popular messaging platforms.

North America led the Chatbot market in 2022. The growth of Chatbots across various platforms, such as mobile and web, is driving their increased usage. Additionally, the growing adoption of Chatbot technologies for better customer engagement and improved customer service is expected to fuel the market demand for Chatbots in North America in the future. The US market is projected to experience significant growth due to the rising use of mobile applications and the presence of profitable start-ups in the country. 

The Global Chatbot Market is Segmented as follows

• Offering
  • Solution
  • Services
• Type
  • Standalone
  • Web-based
  • Messenger-based/ Third Party
• Medium
  • Contact Centers
  • Websites
  • Social Media
  • Mobile Applications
• Business
  • IT Services
  • HR Services
  • Sales & Marketing
  • Finance
• Application
  • Customer Services
  • Branding & Advertising
  • Personal Assistance
  • Data Privacy & Compliance
  • Payment Processing
  • Other Applications
• Vertical
  • Healthcare
  • Retail & E-commerce
  • BFSI
  • Media & Entertainment
  • Travel & Tourism
  • Transportation & Logistics
  • Other Verticals
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Chatbot Market is

[24]7.ai Inc. (U.S.), Acuvate Software (UK), Aivo (U.S.), Artificial Solutions (Sweden), Botsify Inc. (U.S.), Creative Virtual Ltd. (UK), eGain Corporation (U.S.), IBM Corporation (U.S.), Inbenta Technologies Inc. (U.S.), Next IT Corp. (U.S.), Nuance Communications Inc. (U.S.) 

The Global Chatbot Market Scope can be Tabulated as below